LEBANON, OH — LCNB Corp. (“LCNB” or the “Company”) (NASDAQ: LCNB), the holding company for LCNB National Bank, announced the closing of a private placement of $25.0 million in aggregate principal amount of its 6.50% Fixed-to-Floating Rate Subordinated Notes due 2036 (the “Notes”). The Company intends to use the net proceeds of the Notes issuance to repay approximately $8.8 million of its existing long-term debt. The remaining net proceeds will be used for general corporate purposes, including supporting growth at LCNB National Bank.
Brean Capital, LLC served as Sole Placement Agent for the offering.
The Notes have been structured to qualify as Tier 2 capital for the Company for regulatory purposes and will bear interest at a fixed rate equal to 6.50% per annum for the first five years, payable semiannually, converting to a variable rate of interest equal to the then 3-month SOFR plus 234 basis points per annum, payable quarterly. The Notes will be callable on any interest payment date occurring on or after August 15, 2031.
LCNB Corp. is a financial holding company headquartered in Lebanon, Ohio. Through its subsidiary, LCNB National Bank (the “Bank”), it serves customers and communities in Southwest and South-Central Ohio. A financial institution with a long tradition for building strong relationships with customers and communities, the Bank offers convenient banking locations in Butler, Clermont, Clinton, Fayette, Franklin, Hamilton, Montgomery, Preble, Ross, and Warren Counties, Ohio. The Bank continually strives to exceed customer expectations and provides an array of services for all personal and business banking needs including checking, savings, online banking, personal lending, business lending, agricultural lending, business support, deposit and treasury, investment services, trust and IRAs and stock purchases. LCNB Corp. common shares are traded on the NASDAQ Capital Market Exchange® under the symbol “LCNB.” For more information, visit www.lcnb.com.
Brean Capital’s Investment Banking Group is dedicated to helping its clients achieve their strategic and financial goals. For more than 50 years, the Firm has specialized in providing capital raising, M&A and financial advisory services to middle market businesses. Throughout its history, Brean Capital has established a track record of providing its clients with deep market knowledge, commitment and experience to ensure a successful transaction. For more information, please visit: www.breancapital.com/InvestmentBanking.